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Attached is the zip file with the deed and fair market value…

Customer Question

Attached is the zip file...

Attached is the zip file with the deed and fair market value price.Address:639 Shiner Lake Rd, Wabeno, WI 54566Owners1 50% Dad James2 25% Me Mike3 25% brother MarkMy dad is going to give his 50% share to my brother and owner of 25% thus bringing his total to 75%.I'm open to sell my share for the 25% at market value. My brother has declined that offer and is making a lot of claims that because he'll soon own 75% he doesn't need to offer me anything close to a fair market value price.He's also threatening to reduce my access to the property time he I can go on these certain days at these times. Does he have a right to do this -- as it falls under Tenants in Common from what I've read?Furthermore I'm concerned that he'll spend a lot of money on the cabin and thus make me pay for 25% of it without taking into consideration my input.I'd like to just sell the property to them and be done with it but again feeling that $8000 under asking is a bit much.I do understand that the legal costs to go to court will be. But I don't think I'm going to have many bills mainly because they would be the ones having the problems and thus likely creating a compelled to sell case surrounding this quitclaim deed. From what I can see most judges award the amount for fair market value.What other possible legal activities or avenues should I be aware of in this situation?What other rights do you feel would be beneficial for me to bring up to my brother to be able to convince him to sell at the fair market value price and avoid legal costs?Would you be willing to write a letter for me for this that I can use to give to my brother?Thanks,Mike

Either party here has right to file suit for partition and force a court ordered sale.Here the legal fees, commissions, costs of sale are all split here taken from the gross sales price.The net after repayment of expenses is then divided 75-25%.This is your remedy to force a sale and a fair division.He would have to pay fair market value if he wants to buy it here.

Reference to the law

n Wisconsin, when two or more parties own a piece of property, every co-owner has an absolute right to partition their interest in the property if they no longer wish to own it. A partition can be done in two ways. It can be voluntary or judicial. A voluntary partition occurs when the parties and their legal representatives negotiate a contractual agreement to govern the partitioning of the property. If they cannot agree, however, then one party can petition for partition and the court will divide the property by a judicial order.

There are two main ways to divide property. The first is a partition in kind. A partition in kind physically divides the property between the owners by carving out separate parcels for each person. This is usually reserved for large vacant tracts of land. In cases of residential or commercial properties, the land is usually divided by a partition by sale. In these cases, the land is sold at auction and the proceeds are divided among the parties. Division of land or proceeds is determined by the type of tenancy that the parties had when they took title to the land. If they were tenants in common, they divide the property according to their percentage of interest in the land. If they were joint tenants, they divide the property equally.

Wisconsin is a lien theory state, which means that any lender or bank with an outstanding mortgage on the property has a lien on the property for the loan amount. Before any land can be divided or any proceeds can be disbursed, the lender’s lien must be satisfied in full.

Appreciate the chance to help you today.Thanks again.

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Lawyer referral

If you need help with a legal issue, the State Bar of Wisconsin's Lawyer Referral and Information Service (LRIS) is a good place to start. You can search for an attorney through our website, or you can speak to a legal assistant by calling(###) ###-####

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).